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10 Dec 2014
EUR/GBP marginally up on fall in the UK trade deficit
FXStreet (Mumbai) - The decline in the UK trade deficit data released by the Office for National Statistics failed to impress the GBP bulls, as the EUR/GBP pair gained strength.
The since currency inched closer to 1.2391 against the US dollar, while the British Pound erased gains against the greenback to trade largely unchanged post the release of the balance of trade data. Thus, the EUR/GBP was pushed 0.18% higher at 0.7910 levels. Moreover, the upward revision of the September’s Visible trade deficit is likely to have capped gains in GBP.
EUR/GBP Technical Levels
The pair has an immediate resistance located at 0.7917 (10-DMA), above which prices face another resistance at 0.7930 levels. Meanwhile, support is seen at 0.7899-0.7901 (50-DMA and 10-DMA), under which the 5-DMa located at 0.7891 is likely to provide support.
The since currency inched closer to 1.2391 against the US dollar, while the British Pound erased gains against the greenback to trade largely unchanged post the release of the balance of trade data. Thus, the EUR/GBP was pushed 0.18% higher at 0.7910 levels. Moreover, the upward revision of the September’s Visible trade deficit is likely to have capped gains in GBP.
EUR/GBP Technical Levels
The pair has an immediate resistance located at 0.7917 (10-DMA), above which prices face another resistance at 0.7930 levels. Meanwhile, support is seen at 0.7899-0.7901 (50-DMA and 10-DMA), under which the 5-DMa located at 0.7891 is likely to provide support.